Working Group: Finance - Digital Assets

Country: Russia

Government Body: Federal Assembly

Key Issue: Regulation of Digital Assets/Taxation

Type of Action: Law

Status: In Force

Next Steps: N/A

Summary: The Federal Council passed Federal Law of July 31, 2020 No. 259-FZ "On digital financial assets, digital currency and on amendments to certain legislative acts of the Russian Federation," which states that companies must register with the Bank of Russia and meet certain requirements before issuing digital securities on a blockchain. It also classifies cryptocurrencies as property for tax purposes.

Date: 31 July 2020